31 January 2023 | Announcements

Energy Events for February 1, 2023

The agenda includes the OPEC meeting, the results of the US Federal Reserve meeting, crude oil and petroleum products stocks, as well as gasoline and distillate production.


00:30 GMT+3API Weekly Crude Oil Stock. Forecast: -1М. Previous value: 3.378M

13:00 GMT+3OPEC Meeting

The market expects the oil production quotas of OPEC countries to remain unchanged. Justified expectations are unlikely to cause fluctuations in oil prices. However, in the event of an increase or decrease in production, price volatility may increase significantly.

 

18:30 GMT+3Crude Oil Inventories. Forecast: 0.376M. Previous value: 0.533M

18:30 GMT+3Cushing Crude Oil Inventories. Forecast: . Previous value: 4.267M

18:30 GMT+3EIA Weekly Refinery Crude Runs. Forecast: . Previous value: 0.128M

18:30 GMT+3Crude Oil Imports. Forecast: . Previous value: -1.791M

18:30 GMT+3EIA Weekly Refinery Utilization Rates. Forecast: 0.5%. Previous value: 0.8%

18:30 GMT+3Distillate Fuel Production. Forecast: . Previous value: -0.009M

18:30 GMT+3EIA Weekly Distillates Stocks. Forecast: -1.3М. Previous value: -0.507М

18:30 GMT+3Gasoline Production. Forecast: . Previous value: -0.034М

18:30 GMT+3Gasoline Inventories. Forecast: 1.442M. Previous value: 1.763M

18:30 GMT+3Heating Oil Stockpiles. Forecast: . Previous value: -0.234M

The growth of Oil reserves, gasoline, fuel oil and distillates as a rule leads to a decrease in their cost when all other things equal. Conversely, a reduction in the reserves of oil, gasoline, fuel oil and distillates, leads to an increase in their prices.

However, usually data from the US Energy Information Administration (EIA) is published simultaneously, which means that it is necessary to evaluate the agency's report as a whole.

At the same time, the data from the American Petroleum Institute (API) are published earlier and are a kind of guideline in anticipation of official data from the US Energy Information Administration (EIA).

 

22:00 GMT+3Fed Interest Rate Decision. Forecast: 4.75%. Previous value: 4.5%

The growth of the Fed interest rates usually contributes to the strengthening of the dollar and the rise in the price of oil and petroleum products. However, the current slowdown in the rate of growth has a positive effect on the oil market.

 

More information is provided by the economic calendar.

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